Anyone having problems getting Aviva to respond to queries

W

Wm Kee

Registered User
Messages
15
On 1st August I asked my pensions advisor to get an annuity proposal in relation to my Aviva pension fund.
I'm still waiting.
I asked my advisor to chase up - he has done so and now tells me my case has been escalated.
Is anyone else having a problem like this?
Any suggestions on how to get a response?
 
What do you mean by 'annuity proposal'?

A quote? An application form?

When does the pension mature?
 
Wm Kee said:
An annuity quote.
April 2030 (when I'm 70)
Click to expand...

I'd be doubtful you'd get an annuity quote in advance, unless there's some aspect of this that I'm missing. Service is bad but I'd say this request wouldn't be a priority.

It's a bit pointless as we've no idea what the rates will be in two weeks time (the usual period that annuity quotes are valid for), never mind 7 years hence.

If you have an estimated value of the fund at 70 you can do an indicative quote yourself here based on current rates for a 70 year old.


Gerard.
 
GSheehy said:
I'd be doubtful you'd get an annuity quote in advance, unless there's some aspect of this that I'm missing. Service is bad but I'd say this request wouldn't be a priority.

It's a bit pointless as we've no idea what the rates will be in two weeks time (the usual period that annuity quotes are valid for), never mind 7 years hence.

If you have an estimated value of the fund at 70 you can do an indicative quote yourself here based on current rates for a 70 year old.


Gerard.
Click to expand...
I'm able to take my pension at any time from age 60 onwards.
They have large MVA and early exit charges (which reduce the total fund value by about 10%) - so I'm not inclined to leave early.
I asked for and got annuity quotes from them last year (again a wait, but not as much as now).
 
An old Friends Provident plan from the '90s?

What rate did they quote last year?

Indicative single life rate at the moment is circa 6.2% for 70 year old.

Gerard.
 
Yes - Friends - 1992
Annuity Quote Date: 30/1/2023
Commencement date of pension: 1/2/2023
Minimum 5 yr payment guarantee
50% pension for surviving spouse after that for life.
3% p.a. pension escalation.
Annuity rate 2.8030%

Quote is based on 2% commission.
 
They're quoted you as a 62 year old (current rates at the time)

You can mess around with the calculator linked above as a 63 year old and might get circa 3.1% - 3.3% depending on which escalation type you choose.

You'll have the option to shop around for a rate when you do decide to mature it.

Gerard.
 
Just curious, what's the point/benefit in getting annuity quotes so far in advance? Surely it only really makes sense closer to actual retirement?
 
Gerard
Thanks for you feedback / guidance.

Clubman
Some days I feel like retiring right now (I have the option to retire any time from 60 on)
 
Yes, very slow replies from Aviva, I had similar delays and asked for it to be escalated...still waiting
 
Reply came - this is what they said (from now on I think I'll just take the shortcut and ask GSheehy)

With pension income increasing by a rate of 3% p.a.
Annuity Rate3.1503%
Your pension income will be paid for a minimum of 5 years in any event.
This is known as the guaranteed payment period.
If you die, 50% of your pension income will be paid to your spouse / civil partner for the rest of their life from the
end of the guaranteed period.
This quote is based on 2% commission

With no increases
Annuity Rate4.7582%
Your pension income will be paid for a minimum of 5 years in any event.
This is known as the guaranteed payment period.
If you die, 50% of your pension income will be paid to your spouse / civil partner for the rest of their life from the
end of the guaranteed period.
This quote is based on 2% commission

I really like the line "If you die" - I didn't realise I had a choice!
 
Don’t those old 1990’s Friends Provident schemes, carry guaranteed annuity rates bonus.
Something like 3% over and above the prevailing annuity rates at cash in time.
 
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